Chapter 13 Bankruptcy
Dallas, Fort Worth Bankruptcy Lawyers
Unlike a Chapter 7 Bankruptcy which liquidates unsecured debt, a Chapter 13 Bankruptcy reorganizes your debt.
A Chapter 13 Bankruptcy allows you to pay creditors on terms that help you — the debtor. This type of bankruptcy is for debtors who have enough wages or income to fund a repayment plan, and enables them to keep property on which they have delinquent payments.
Major Advantages
- Stop the foreclosure of your home or repossession of your vehicle.
- Pay back mortgage arrears or delinquent property taxes to the mortgage company over 3 to 5 years.
- Debts not dischargeable in a Chapter 7 Bankruptcy may be paid back through a Chapter 13 Bankruptcy. Examples include delinquent taxes and back-due child support and in most cases, without garnishment of wages.
- Allows you to make monthly paymonthly payments based on what you can comfortably afford.
For more information or a free initial consultation and evaluation, please call 214.688.1393 or 817.870.1960 or fill out the Case Evaluation Form, on the home or contact page,
and one of our attorneys will contact you.
What's the Difference?
Chapter 7 Bankruptcy:
You ask the bankruptcy court to discharge most of the debts you owe. In exchange
for this discharge, the bankruptcy trustee can take any property you
own that is not exempt from collection, sell it, and distribute the proceeds
to your creditors.
Chapter 13 Bankruptcy:
You file a repayment plan with the bankruptcy court to pay back your debts over time. The amount you'll have to repay depends on how much you earn, the amount and types of debt you owe, and how much property you own. Determining which is right for you is a consideration to be discussed with your attorney.